The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two Iranian maritime firms in an effort to stop Iran from monetizing the Strait of Hormuz with its BTC insurance scheme.
OFAC claims the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority are “integral” to the Islamic Revolutionary Guard Corps (IRGC) and its “extortion scheme.”
The scheme, called “Hormuz Safe,” has been in the works for some months now. Shipowners could pay for Iran’s insurance with BTC and other cryptocurrencies and guarantee safe passage through the strait.
It would reportedly generate over $10 billion of revenue for the country and help it maintain control over the stretch of water once the war is concluded.
Read more: Crypto scams are now a threat in the Strait of Hormuz, report
In a statement, Treasury Secretary Scott Bessent said, “With its economy in freefall and inflation in the triple digits, the regime is desperate for cash.”
He added, “The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.”
The US noted that “disgraced regime financier” Babak Morteza Zanjani had already promoted the scheme to his followers on social media.
Zanjani reportedly used Binance between 2024 and 2025 to move $850 million, despite his account being flagged multiple times.
Yesterday’s sanctions also targeted an Iranian shadow fleet of tankers that the US says is supplying the country with millions of barrels of crude oil and petroleum products.
The war began in February 2026, and in June, a US memorandum of understanding was signed that aimed to peacefully reopen the Strait of Hormuz and end the war.
This didn’t last long, and millitary strikes resumed on July 13. Another round of peace talks took place in late July during a three-day ceasefire between the US and Iran, however, the conflict has since flared up again.
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